Aquila pulls out of Australia

US energy firm Aquila has sold its interests in Australia for US$589 million. The move is part of the company’s plan to focus on its utilities operations in the US.

The Kansas City-based firm sold its stakes in three electricity and natural gas distribution companies to an Australian consortium. The group comprises Perth-based utility AlintaGas and Sydney-based investment firm AMP Henderson.

Aquila says it expects to yield cash proceeds of about $445 million from the transaction after fees

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